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Sure, Why Not: There Are Now Bananacoins, Which is a Cryptocurrency Tied to Banana Prices

By NexChange
Capital Markets, FinTech

Because this is 2018 and we live in a world where Hooters is now utilizing blockchain, there is now a cryptocurrency called bananacoins, which – as the name implies – is tied to the price of bananas, as Grub Street reports.

The people behind the bananacoin describe this as the “first environmentally friendly plantation in Laos which has released a utility token based on Ethereum, pegged to the export price of 1 kg of bananas,” according to their website. The company’s mission is to grow an organic banana known as a “Lady Finger,” which will then be exported to China “where demand is greater than supply.”

And because these things must always be about disrupting an industry, here is an excerpt from the company’s white paper about disrupting the banana biz.

Bananacoin is blockchain project aiming to achieve a core modification of the global banana production industry, similar to how Uber has revolutionized the taxi industry or how Upwork has brought freelancing to a new level. In short, the initiators of the project create processes in the production of organic bananas through the implementation of an economic element in the seemingly completely understood export relations of the product.
And if you decide to buy some of these tokens, you will be able to exchange your bananacoins for Lady Finger bananas or the “equivalent monetary compensation.”

The company has sold nearly three million of the 14 million banacoins available.

Photo: Getty iStock

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